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Exponent Reports Fourth Quarter and Fiscal Year 2025 Financial Results

EXPO
  • Exponent, Inc. reported fourth quarter 2025 total revenues of $147.4 million, an increase of 7.8% year-over-year, while fiscal year 2025 revenues reached $582.0 million, up 4.2%.
  • Fourth quarter net income rose to $24.8 million ($0.49 per diluted share) from $23.6 million ($0.46 per diluted share) in the prior year period.
  • Fiscal year 2025 net income was $106.0 million ($2.07 per diluted share), a decrease from $109.0 million ($2.11 per diluted share) in fiscal 2024.
  • Fourth quarter EBITDA increased to $34.7 million (26.8% of revenues before reimbursements) compared to $31.2 million (25.2%) in the prior year.
  • Fiscal year 2025 EBITDA reached $148.1 million (27.6% of revenues before reimbursements) compared to $147.1 million (28.4%) in the prior year.
  • Growth in proactive engagements was driven by increased demand for user research in consumer electronics & expanded risk management work in utilities.
  • Reactive engagement growth was led by failure analysis & dispute-related activities across energy, construction, transportation, & life sciences sectors.
  • The engineering & scientific segment accounted for 85% of revenues before reimbursements in Q4 2025, growing 7% for the quarter & 4% for the full year.
  • The environmental & health segment represented 15% of Q4 revenues before reimbursements, with a 5% decline due to one less week of activity compared to the prior year.
  • Exponent announced an increase in its quarterly cash dividend from $0.30 to $0.31, payable on March 20, 2026.
  • During fiscal 2025, the company paid $61.5 million in dividends, repurchased $97.8 million of common stock, & ended with $221.9 million in cash & cash equivalents.
  • Headcount increased approximately 4% for fiscal 2025, with fourth quarter utilization improving year-over-year.
  • For Q1 fiscal 2026, Exponent anticipates revenues before reimbursements to grow in the high-single digits & EBITDA to be 27.5% to 28.5% of such revenues.
  • For full fiscal 2026, the company expects revenues before reimbursements to grow in the high-single digits & EBITDA to be 27.6% to 28.1% of such revenues.